Contactless Payment is King – How Cash is being dethroned

If you’re anything like me, when I see a sign that reads “cash only” I immediately panic. 9 times out of 10, I don’t have actual bank notes in my wallet. For many of us, being able to pay with debit or credit card is a given and now we’re expecting more and more to be able to just tap our card and go. It’s becoming hard to remember the time when cold hard cash was king.

Tap and pay technology is being used at an all-time high with no end in sight. There’s no need to input a pin, a signature isn’t required and there’s no worry that the wrong amount of change will be given back. Just an easy and convenient payment experience. In the last year, there have been over 3 BILLION contactless payment transactions made in Europe and this is just including Visa payments. Read here for more Visa Europe contactless payment milestones.

But what about cash? There are plenty of merchants out there who only handle in cash as well as consumers who refuse to use anything other than bank notes. The numbers however, are swiftly dropping creating cause for concern by many analysts who believe in the coming years less paper money will be printed and will eventually become extinct altogether.


                                                                                                                            Are people still using cash?

How Contactless Payment is impacting the Point of Sale industry

As consumers become more and more reliant on technology, merchants should be able to adapt their POS systems to growing needs. Sure, having a traditional card reader is great, but even that is becoming a solution of the past. As trends continue to accommodate the time-poor, tech savvy consumer, the option of contactless payment will eventually be the most preferred method of payment by many.

For POS vendors who have already integrated Pulse — the latest payment gateway technology from Payworks, there is no worry about accepting the right payment methods. Vendors and merchants alike can be assured, that all of the latest payment options including EMV Chip & PIN cards, contactless payments and mobile wallet payments like Android Pay, Apple Pay and Samsung Pay can be used. Ultimately, by having the most up-to-date payment technology ensures consumers that their need for payment options is met, and this means better business for not only the merchants, but the POS providers as well.

Written by Jana Riddick, Marketing & Communications Manager at Payworks
First published on Medium on 06-12-2016